With respect to International Accounting Standard (IAS) 37 ,provisions ,contingent liabilities and contingent Assets,Identify the three circumstances under which a provision should be recognized in the...

With respect to International Accounting Standard (IAS) 37 ,provisions ,contingent liabilities and contingent Assets, Identify the three circumstances under which a provision should be recognized in the financial statements

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1. An entity has a present obligation as a result of past event.
2. It is probable that an outflow of resources embodying economic benefits will be required to settle the obligation
3. A reliable estimate can be made of the amount of the obligation.

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Wilfykil answered the question on February 8, 2019 at 06:14

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